According to fortune.com, 2024 has seen the highest new home sales in three years, with 683,000 homes sold. This increase comes despite persistently high mortgage rates, offering hope for buyers looking to enter the market. Home values reached near-record highs in 2024, with the median price at $419,200. However, experts predict that 2025 could bring price relief as new construction ramps up, creating more inventory and putting downward pressure on prices for both new and existing homes. In high-growth areas like the Sunbelt, demand for homes continues to outpace supply, potentially keeping prices higher. Meanwhile, mortgage rates hover around 7%, a challenge for buyers accustomed to the low rates of the pandemic era. Sellers should be cautious about pricing too high in this environment, as homes that stay on the market for too long could face price reductions. Simple home improvements, like fresh paint or bathroom updates, could help sellers stand out. For buyers, new homes may offer more value in 2025, with builders potentially offering incentives like mortgage rate buydowns and closing cost credits. If you're looking to buy or sell in the current market, contact Benson Group for expert guidance and a strategy that works for you. Source: fortune.com

After significantly declining in the 2nd and 3rd quarters of 2024, the average mortgage interest rate bounced back up in the last 4 months. This chart illustrates annual, median, existing-house sales prices, but annual condo/co-op prices also increased. Note that median sales prices can be affected by other factors besides changes in fair market value. For example, if affluent buyers increase their percentage share of homes purchased, as they did in 2024, that will help pull median prices up simply because they buy more expensive homes. A review of approximate, year-over-year, house-price appreciation rates. Due to trends in population migration, new-home construction, and housing affordability, the southern region of the country has been dominating home sales in recent years. Illustrating regional home-price appreciation rates since 1990: Over the shorter term, annual appreciation changes can vary significantly between regions, but over the longer term, regional rates generally move roughly in parallel, affected by the same major macroeconomic conditions. 2024 saw a significant rebound from 2023 in the number of new listings, but the count remained far down from long-term standards - with considerable impact on supply and demand dynamics. Many would-be sellers are still holding off, reluctant to trade a low interest rate loan for a much higher rate on a new home. Of course, this does not apply to the increasing percentage of buyers who pay all-cash, and high levels of home equity and soaring stock markets are big factors in this trend. The monthly, average number of homes for sale rose substantially in 2024 to its highest point in 4 years, but didn't compare with norms before the pandemic hit. Impacted by a number of factors, total sales volume remained very low in 2024. Sales did not keep pace with the increase in listings, creating a cooling effect on national market conditions, though median sales prices still rose. (How any of these national trends apply to specific markets and market segments can vary widely.) The next 2 charts illustrate the enormous effect of seasonality on supply and demand: The first chart below shows the ups and downs in the monthly number of homes put on the market. Hitting its nadir in December, it will now typically climb quickly to peak in late spring or early summer. Seaonality in demand: Monthly sales volumes closely follow new-listing activity. Note that some markets see different trends: For example, in big second-home markets, sales can peak during vacation months. A review of U.S. Census population-change maps over the past 3 years: In the last 12-month period measured, all but a few states saw population increases, including those which had seen significant previous declines (orange/brown) - their recent increases being mostly due to foreign immigration - but the highest growth states (dark green) generally remained the same since 2021. The crisis in homeowner's insurance availability and cost has been widely reported. Unfortunately, 2024 was a bad year for natural disasters, and 2025 has had a sad, terrible beginning. This table reviews approximate insurance costs across a selection of states - costs very much in flux - and lists some of the factors at play. ---- Source: compass.com National and regional statistics are generalities, essentially summaries generated by thousands of unique, individual listings and sales occurring across different market segments. They are best seen not as precise measurements, but as broad, comparative indicators with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, and last period data should be considered preliminary estimates which may be revised in future updates. Different analytics programs sometimes define standard statistics differently – such as “active listings,” “days on market,” and “months supply of inventory”: What is most meaningful are not specific numeric calculations but the trends they illustrate. Data from sources deemed reliable, but may contain errors, and subject to revision. All numbers to be considered approximate, and how these analyses apply to any particular property is unknown without a specific comparative market analysis.

According to U.S. News, selling your home doesn’t have to be stressful or time-consuming. With a few smart tactics, you can attract buyers, stand out in a competitive market, and close the deal faster than you imagined. Here’s how to make your property irresistible and get it sold—quickly and for the best price. 1. Price It Strategically The right price can make or break your sale. Setting a fair, market-driven price from the start generates interest and brings motivated buyers to your door. 2.  Make the Exterior Shine First impressions matter. A welcoming front yard, a polished front door, and a clean driveway can set the perfect tone for buyers before they even step inside. 3. Declutter and Keep It Neutral Help buyers see themselves in your space by removing personal items and excess clutter. A clean, neutral home feels more spacious and inviting. 4. Use Staging to Wow Buyers A staged home sells faster—it’s that simple. Highlight your home’s best features with tasteful, modern decor and cozy accents that make an emotional connection. 5. Master the Art of Marketing Stand out with professional photos, engaging virtual tours, and an online listing that showcases your home’s unique appeal. A strong marketing strategy gets buyers through the door. 6. Stay Flexible with Showings The more accessible your home is for showings, the better. Accommodating potential buyers’ schedules—even last-minute ones—can speed up the process. 7. Address Minor Repairs Fix small issues like leaky faucets or cracked tiles to show buyers your home is move-in ready. These small updates can make a big difference in perception. 8. Showcase What’s Special Does your home have a standout feature? Whether it’s a spacious kitchen, a great location, or a beautiful view, make sure buyers know what makes your property exceptional. 9. Sweeten the Deal Entice buyers by offering perks like covering closing costs or including appliances. These small incentives can make your home even more appealing. 10. Partner with the Right Agent A skilled real estate agent is your greatest asset when selling your home. From providing expert pricing advice to creating a tailored marketing strategy, we’ll handle every detail to ensure your home stands out.  With these strategies in place, your home will be positioned for success in any market. Ready to take the next step? Contact us  today to discuss your goals, and let us guide you toward a smooth, profitable sale! Source: realestate.usnews.com

According to Keeping Current Matters, your next move could bring your family closer, save money, and open the door to a better lifestyle. It’s an idea gaining momentum, with 17% of homebuyers now choosing multi-generational homes—houses shared by parents, adult children, and sometimes extended relatives. This is the highest level ever recorded by the National Association of Realtors (NAR), and for good reason. Let’s explore why this trend is growing and how it might be the perfect solution for your family. Making Homeownership More Affordable Buying a home in today’s market can be challenging with rising prices and mortgage rates. Multi-generational living offers a smart and practical solution by combining resources. Pooling incomes allows families to share the financial responsibilities of homeownership, from mortgages to utilities and beyond. This approach not only eases financial strain but may also enable you to afford a larger, more accommodating home that meets everyone’s needs. The opportunity to team up with family isn’t just about cost-saving—it’s about making homeownership attainable while creating a lifestyle that works for all generations. Strengthening Family Bonds The benefits of multi-generational living extend far beyond financial gains. Sharing a home means more opportunities to connect, whether through daily meals, celebrating milestones, or simply enjoying each other’s company. Grandparents can provide invaluable support with childcare or share stories and traditions, while younger generations bring energy and new ideas to the household. With everyone working together, household responsibilities are easier to manage, giving you more time to focus on what matters most—each other. A Lifestyle Built for Today In a fast-paced world, multi-generational homes offer a perfect blend of practicality and connection. Whether it’s about saving on costs, finding more space, or simply being closer to family, this lifestyle is designed to meet the demands of modern life. Ready to Find Your Family’s Dream Home? At Benson Group, we’re here to help you explore the possibilities of multi-generational living and find a home that meets your family’s unique needs. Whether you’re dreaming of more space or just starting to explore your options, let’s work together to make it happen. Contact us today to take the next step toward a brighter future for your family. Your dream home is just a call away—let’s make it yours! Source: keepingcurrentmatters.com

According to Keeping Current Matters, homeownership offers more than just a place to live—it’s a powerful way to build financial security. Over the years, as you pay down your mortgage and home values rise, you accumulate home equity, a valuable asset that can open doors to exciting opportunities.   What Is Home Equity? Home equity is the difference between your home’s current market value and the amount you still owe on your mortgage. It grows over time as you make payments and as the market value of your home increases. For many homeowners, this equity represents a significant portion of their overall wealth.   How Much Equity Do Homeowners Have?    Recent data reveals that homeowners have gained remarkable equity in their homes. This increase is due to consistent home appreciation and responsible borrowing practices. If you’ve owned your home for several years, you might be surprised by how much equity you’ve accumulated—equity that could help you achieve your financial and personal goals.   What Can You Do With Your Equity?   Your home equity can be a powerful tool for:   - Funding renovations: Enhance your home’s value and functionality.   - Investing in another property: Expand your real estate portfolio or purchase a vacation home.   - Consolidating debt: Simplify finances by using equity to pay off high-interest loans.   - Securing retirement income: Tap into equity as part of your long-term financial planning.   How to Access Your Equity    There are various ways to unlock your home equity, including home equity loans, lines of credit, or refinancing. Each option has its benefits and considerations, so it’s essential to consult with a trusted financial advisor or real estate professional to find the best fit for your needs.   Curious About Your Home’s Equity?    If you’ve been wondering how much equity you’ve built, now is the perfect time to find out. Understanding your home equity can help you make informed decisions about your future, whether you’re planning to move, renovate, or invest.   Ready to explore your home equity options? Contact us  today, and let’s discuss how you can make the most of this valuable asset. Together, we’ll create a strategy tailored to your goals.    Let’s turn your home equity into opportunities! Source: keepingcurrentmatters.com

According to U.S. News, the future of mortgage rates is a hot topic for anyone considering buying, selling, or refinancing a home. The outlook for 2025-26 brings exciting opportunities for those ready to make savvy financial decisions. Let’s explore what lies ahead for mortgage rates, the Federal Reserve’s influence, and actionable tips for navigating this evolving market. Mortgage Interest Rate Forecast for 2025-26 Experts predict that mortgage rates will stabilize in 2025-26, offering a balanced market for buyers and sellers. While rates may not drop to the historic lows seen during the pandemic, they’re expected to hover at moderate levels. This creates an environment where buyers can confidently plan their home purchases and sellers can anticipate consistent demand. When Will Mortgage Rates Go Down? The big question for many is, "When will mortgage rates decline?" While significant rate drops aren’t guaranteed, some analysts suggest that late 2025 or early 2026 could bring slight reductions, especially if inflation eases and the economy steadies. For buyers and homeowners, this means it’s essential to monitor trends and act when favorable rates become available. The Federal Reserve’s Role in Mortgage Rates The Federal Reserve plays a significant role in shaping mortgage rates through its monetary policies. While the Fed doesn’t set mortgage rates directly, its decisions on interest rates and inflation targets heavily influence them. As the Fed takes a measured approach to maintain economic stability, this could help keep mortgage rates in a manageable range for the foreseeable future. Tips for Home Buyers and Sellers in 2025 For home buyers, preparation is key. Strengthen your credit score, save for a larger down payment, and get pre-approved to secure the best possible rate. Acting quickly when rates are favorable can save you thousands over the life of your loan. For sellers, focusing on home improvements and pricing competitively will help attract motivated buyers. Highlight energy-efficient features and move-in-ready conditions to make your property stand out in a market that values convenience and sustainability. Mortgage Refinance Rate Forecast If you’re considering refinancing, 2025-26 may present golden opportunities. With rates stabilizing, homeowners can refinance to reduce monthly payments, switch to a fixed-rate loan, or tap into home equity for other investments. Acting during periods of slight rate decreases can maximize your savings and improve your financial outlook. Prepare for Success in 2025-26 The coming years promise a stable and exciting period for the housing market. Whether you’re buying, selling, or refinancing, staying informed and working with knowledgeable professionals will help you make the most of the opportunities ahead. Ready to take the next step? Contact the Benson Group today to discuss your options and create a plan tailored to your goals. Source: U.S. News

KEY POINTS “House hacking” refers to renting out a portion of your home for an additional stream of income. More than half of millennial and Gen Z homebuyers say house hacking is a “very” or “extremely” important opportunity, according to a report by housing market site Zillow. That extra money can “help make those dreams of homeownership penciled into reality, given that there’s so many affordability constraints on the current market,” said Manny Garcia, senior population scientist at Zillow. Gen Z and millennials are “hacking” the housing market as high prices and interest rates make affordability difficult. The term “house hacking” refers to the practice of renting out a portion of your home or an entire property for an additional stream of income. Almost 4 in 10, 39%, of recent homebuyers say the practice represents a “very” or “extremely” important opportunity, according to a new report by housing market site Zillow. That share is up eight percentage points in the past two years. Younger generations are especially keen on the idea. In Zillow’s survey, more than half of millennial, 55%, and Gen Z home buyers, 51%, expressed positive views on house hacking. Zillow polled more than 6,500 recent homebuyers between April 2023 and July 2023. Respondents were adults who moved to a new primary residence they purchased in the past two years. The additional income from house hacking can “help make those dreams of homeownership penciled into reality, given that there’s so many affordability constraints on the current market,” said Manny Garcia, senior population scientist at Zillow. The median sale price for a house in the U.S. was $413,874 in October, up 3.5% from a year ago, according to a report by real estate site Redfin. The average rate for 30-year mortgages hit 8% in October, the highest level seen in 23 years, according to Bankrate. To compare, rates bottomed out slightly below 3% in January 2021. While renting out portions of a newly owned property can help offset higher costs of a home, potential buyers will need to make a few considerations beforehand. ‘You need to earn six figures to afford a starter home’ As home prices and interest rates have risen, potential homebuyers need a salary of $114,627 to afford a median-priced house in the U.S., a recent report by Redfin found. Redfin’s analysis used the median home price of $420,000 in August. “In many places, you need to earn six figures to afford a starter home, so it makes sense for young people who are seeing how expensive homeownership is to want options,” said Daryl Fairweather, chief economist at Redfin. With few small starter homes available, a millennial or Gen Z buyer may have to jump on a more expensive home than they would have wanted, Fairweather said. “Having the option to rent or have a roommate is important in an environment where there just aren’t that many small homes for sale,” she said. House hacking may help those homeowners by providing them additional income for expenses or even help cover the mortgage. More apartment buildings are available The opportunity to house hack may be short lived. In some markets, new apartment buildings are under construction that will have available units next year, especially smaller, one bedrooms. Rental market inflation, which had been stubbornly high for much of 2023, has cooled due to new inventory, pushing the rental vacancy rate up to 6.6% in the third quarter, the highest level since the first quarter of 2021, according to Redfin data. “We’ve already seen rent prices stabilize, especially for single occupancy rentals,” Fairweather said. It’s going to be harder to rent out a room as more rentals become affordable, she added. Despite the growth in available apartments, the U.S. is facing a “massive shortage of housing, especially affordable housing options,” said Zillow’s Garcia. “If you’re pricing your home competitively, renting out can be a reliable source of income because there’s no shortage of people looking for a place to live,” he said. What to consider before ‘house hacking’ While renting out a portion of your home can serve as an additional income, interested buyers would still need to gather a sufficient down payment and proof of income to show they can already afford the monthly payments. “If you’re going to rely on rental income in order to qualify, you’ll have a problem,” said Melissa Cohn, mortgage banker and regional vice president of William Raveis Mortgage. “They need to prove they can afford the mortgage without the rent,” she said. Banks won’t consider potential rental income and they will require the buyer to be able to qualify for the financing without the support of potential rental income, she said. There is another risk to buying a bigger house with the intention of renting out part of it: You could wind up stuck with an expensive mortgage and a room you can’t rent out. If renting out part of your home — or the entire property — is optimal for you, do your research on what the current rate is for your type of home. Consult with rental managers who can help draft leases and give you a good estimate on the going rate in your area, said Garcia. “There’s a lot of homework to be done to make sure that you’re pricing correctly when you’re posting your unit for rent,” Garcia said. Additionally, keep in mind that there is a big chance the house you are considering may be subject to local ordinances on renting or homeowners association regulations. -------------------- Source: CNBC

The higher rates, combined with high home prices, are creating a housing market of “haves and have-nots,” says NAR’s deputy chief economist. Home buyers are being forced to adjust to what is becoming a new norm: Mortgage rates above 7%. At this week’s average of 7.19% for a 30-year fixed-rate mortgage, as reported Thursday by Freddie Mac, the typical monthly mortgage payment on a median-priced home of $413,500 would translate to $2,243, says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “The elevated rates impact where a buyer can purchase and how much home they can afford today,” Lautz says. Indeed, the average loan size on a purchase application last week soared to $416,800—the highest level in six weeks, the Mortgage Bankers Association reports. The higher rates and home prices are creating a housing market of “haves and have-nots,” Lautz says. “The typical first-time, single or minority buyer has no ready cash to purchase a home,” she adds. Meanwhile, current homeowners can leverage the record-high equity in their homes when purchasing again. They’re part of a group of buyers fueling the all-cash market, where higher mortgage rates are having no impact. In August, all-cash transactions comprised 27% of the housing market, NAR’s data shows. Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 21: 30-year fixed-rate mortgages : averaged 7.19%, rising slightly from last week’s 7.18% average. A year ago, 30-year rates averaged 6.29%. 15-year fixed-rate mortgages: averaged 6.54%, increasing from last week’s 6.51% average. Last year at this time, 15-year rates averaged 5.44%. ----- Source: nar.realtor

KEY POINTS After a year full of record-high interest rates and home prices, experts say there are signs of improvement for the housing market in 2024. In December, the average mortgage rates dropped below 7% for the first time since August and after an 8% peak in October, which pushed housing costs to the highest level since 2000. “The decline poses good news for buyers,” said Jessica Lautz, deputy chief and vice president of research at the National Association of Realtors. After a year full of record-high interest rates and home prices, experts say there are signs of improvement for the housing market in 2024. In December, the average mortgage rates dropped below 7% for the first time since August and after an 8% peak in October, which pushed housing costs to the highest level since 2000. The average rate on a 30-year fixed rate mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31%. Meanwhile, the 15-year fixed rate mortgage jumped to 6.38% from 6.29%. “The decline poses good news for buyers,” said Jessica Lautz, deputy chief and vice president of research at the National Association of Realtors. Interest and mortgage rates will slowly decline, giving people a “little bit more room in their budgets” when it comes to mortgage payments, experts say. Additionally, inventory is growing as new listings creep back up, said Nicole Bachaud, a senior economist at housing site Zillow. Lower interest rates should come as encouraging news for homebuilders. “It should be easier for builders as rates go down, as they need to borrow to build,” said Lautz. Homebuyers should see a greater supply as more homes will be built, she said. However, consumers may still feel discouraged, added Lautz, as affordability may still be a challenge. “We’re expecting home price appreciation to stay flat for the next year nationally, so prices aren’t really going to move much from where they’re at now,” Bachaud said. High costs kept would-be buyers as renters Homes were 52% more expensive than rentals this year, the highest gap on record, according to the Zumper Annual Rent Report for 2023. High costs in the buying market have delayed homeownership for many buyers and kept inflation-strapped consumers in the rental market, some explained. The national rent price for a one-bedroom apartment is $1,496, down 10% from a year ago. The last time there was a decline was during the pandemic, from July to October 2020, Zumper found. “Over the course of the last few years, there were actually a lot of buildings in the rental sector, so that may have helped to alleviate rental prices. But they’re still at a high price point,” Lautz said. Lautz expects more movement in the rental market next year as many young adults look for a place to live. While most young adults either stayed with parents or paired up with roommates during the pandemic to relieve costs, they might seek independence next year, whether because “a CEO [is] saying you have to come back into the office or they’re ready to move out,” said Lautz. New York City is seeing a surging demand for rental housing in commutable areas with easy access to downtown and midtown Manhattan in 2024, according to data from StreetEasy, Zillow Group’s New York City real estate marketplace. “That’s an indication that people are looking to move back closer to the workplace or closer to more amenities,” Bachaud said. “We’re expecting the rest of the country to follow that trend throughout the next year.” Record-high interest rates deterred more than 69% of renters from buying a home in 2023, a Zumper report found. These high costs are pushing the typical ages of renters and first-time homeowners upward. To that point, the typical head of household in a rental is 41 years old, up from age 40 in 2019 and age 37 in 2000, according to Zillow economist Bachaud. “Renters are getting older,” said Bachaud. “As long as affordability remains a big challenge, we will likely see renters getting older.” Meanwhile, the age of a typical first-time homebuyer is 35 years. In the 1980s, people bought their first homes at the age of 28, Lautz said. Market conditions and external factors, such as student loan repayments and child care costs, are delaying homebuying activity for many shoppers, Lautz said. Since many people cannot afford to buy a home, they are likely to consider renting a single-family home instead to achieve a similar experience. Renting over buying their first home Prices for single-family rentals are increasing faster than rent prices for multifamily apartment buildings, showing signs of high demand, said Bachaud. “That has a lot to do with affordability as people are priced out of being able to purchase a home. They’re still looking for that starter home experience,” she said. As long as people continue to be priced out of the market, would-be homebuyers will remain as renters, and Bachaud expects “to see more of that this year.” Even though affordability is expected to marginally improve over the next 12 months as rates continue to decline, the market is still far from where it was before the pandemic, she added. “Affordability is still a big challenge for a lot of households,” she said. ‘The American Dream is still owning a home’ While homeownership is challenging for many would-be buyers, it doesn’t mean people no longer aspire to own a home, said Bachaud. “The American Dream is still owning a home,” she said. “There’s a lot of pent-up demand for ownership; that isn’t going to go away. It might take longer for people to get and to be able to realize that dream.” Indeed, “homeownership is the number one way to build wealth in America,” said Lautz. Lautz explained that when you look at the typical homeowner, they have a net worth of just under $400,000 compared with the typical renter, who has just over $10,000, following the American dream of financial stability. “Folks will have to look elsewhere if they’re not looking at homeownership to find that,” Lautz added. Additionally, younger generations are still thinking about saving for down payments and planning for future housing, said Bachaud, meaning the demand for homeownership persists. She predicts a change in what homeownership will look like in the coming decades: “We’re kind of on that journey now.” For now, serious first-time homebuyers should consider jumping into the market as soon as February, while the market remains quiet, said Lautz. Lower rates may breed competitive bidding wars among strong buyers, so now may be the time. The National Association of Realtors forecasts mortgage interest rates will average 6.3% and estimates 0.9% increase for home prices in 2024, added Lautz. “First-time buyers stand a chance at this time period,” she said. “It’s a trade off: Do they want to run the risk of encountering higher competition when rates are lower or do they want to increase the probability of securing homeownership?” “Refinancing is always an option,” she said. ---------------------- Source: CNBC

Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership . According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), 30% of Gen Z buyers transitioned straight from living under their parents’ roofs to owning their own homes. If you’re a member of this generation, and you’re interested in pursuing your own dream of homeownership , here’s some information you may find helpful on why and where your peers are buying. The Reasons Gen Z Want To Become Homeowners A recent survey by Rocket Mortgage identifies some of the top motivators driving Gen Z buyers to purchase a home: “Of those surveyed, 34% said that starting or growing their family was their main motivation to buy a home. . . . Along with growing a family comes establishing a home base.” Another key reason the survey says Gen Z wants to buy is because homeownership can give them more stability (20.8%). That’s because buying a home allows you to stabilize what’s typically your biggest monthly expense: your housing cost. When you have a fixed-rate mortgage on your home, you can lock in your monthly payment for the duration of your loan, often 15 to 30 years. If you keep renting, you don’t have that same benefit, and you won’t be protected from rising housing costs. So, if you’re ready to start a new chapter in your life or if you’re craving more stability , know that your peers feel the same way, and those motivators are why they’re turning to homeownership . Gen Z’s Next Stop: Where Are They Making Their Moves? If those reasons have you feeling ready to buy, here’s some information on where your peers are finding their homes that could help you with your search . According to a recent Lending Tree survey , Gen Z buyers are focusing on more affordable areas to help boost their buying power and offset the challenges that come with today’s mortgage rates . Many Gen Z buyers still want the convenience and excitement of city life, but also value the affordability, open air, and space more suburban areas offer. Jacob Channel, Senior Economist at LendingTree , explains : “ . . . they want to live in a city, but they also want to be close to nature .” Locating a home that offers both of those things requires expertise. Working with a trusted real estate professional can help you find a home in your budget and desired area. Your agent will know the most affordable neighborhoods to search in. They can also highlight the amenities and features that location offers and how those are aligned with your goals . They’ll also be able to walk you through how things like remote work can help you cast a broader net for your search . Bottom Line If you’re a member of Gen Z and are just getting started on your homebuying journey, or if you want to learn more about the process, it’s important to connect with a trusted real estate agent. Their expertise will guide you to a home that fits both your lifestyle and your budget. ----- Source: keepingcurrentmatters.com

Source: keepingcurrentmatters.com The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices. Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains : “ U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022 . While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.” Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall . What Does This Mean for You? If you currently own your house, you may be concerned about even the smallest decline in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic , shares : “. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak .” It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the home prices in your area if you’re planning to make a move this spring. Bottom Line To understand what’s going on with home prices in your market and how they could impact your goals, contact a local real estate professional today. ----- Source: keepingcurrentmatters.com